Tuesday, January 10, 2017

One Gap Gone

From the current market high on the chart we showed you yesterday, the gap left open by yesterday's likely third wave lower was closed today - shown as the gap in black. Interesting situation, as below, because for the first time in a long time, there are no gaps above the market and only gaps below the market (shown in red).

SP500 30-Minute : Only Gaps are Below Market

We will not know for a while whether the above diagonal is ending or leading with more certainty (although I suspect the former). In either case, there should be "at least" three-waves down in a correction, and maybe more. Any price movement below SP500 2,265 will likely provide that down trend confirmation.

So far, the weekly candle is starting out red.

Cheers and enjoy the chart!
TraderJoe

11 comments:

  1. Thanks Joe. For the record, the gap was not filled in the DOW or NYA.

    ReplyDelete
    Replies
    1. Good info. Thanks! They will probably filled in Intermediate (4), ...or (5), when we get there.

      Delete
  2. Good information--as always. A question from a novice: Is it important to fill gaps from an Elliott Wave perspective?

    ReplyDelete
    Replies
    1. Some gaps indicate third waves. Some gaps fifth waves. Some gaps first waves. It is a broad topic too lengthy for discussion here.

      Delete
  3. Many thanks for the update Joe. You're wave analysis is uncanny. BTW, I'm sure you're well adjusted to your own software after many years, but have you tried Motive Wave? It has been a game changer for me. It has literally saved me hours and hours of Wave placement, ratio and fib time so I can do other things. I have no affiliation, I just thought I would mention a sound product for you and your other readers...Best, Shawn

    ReplyDelete
    Replies
    1. Shawn, Joe does use Motive Wave.....

      Delete
    2. Yes, that is a MotiveWave chart above. I have no affiliation either, but do find it aids the analysis.

      Delete
    3. Great, thanks for the reply guys...didn't realize it was Motive Wave chart

      Delete
  4. Replies
    1. Vos commentaires sur ce site sont parfois absurdes. Si cela continue, votre compte sera interdit.

      Delete
  5. SALUT JOE I trust you in your analyzes

    ReplyDelete